fell further on the second day of trading On Monday, anger erupted from investors who had placed their faith in India’s biggest-ever initial public offering.
At the end of the company’s market debut on Thursday, its share price was down 27.4% from its offer price of Rs 2,150. It was down 13% at Rs 1,362 at its close on Monday.
As Paytm shares went into freefall in the early hours of trading on Monday, many took to social media. For some it meant posting memes about Paytm and the stock markets in general. However, others went online looking for someone to blame.
This proved to be a wrong decision for Twitter user Harshad Shah, who had misdirected his criticism shining box, Chief Executive and Managing Director of . At 1.53 pm he posted, “@udaykotak please take responsibility of wrong pricing of #Paytam IPO and reward them for compensation [for] Harm.”
@udaykotak Please take the responsibility of wrong pricing of #Paytam IPO and reward them for the loss https://t.co/Izl9jBPt2x
— Harshad Shah (@harshadshah1953) 1637569391000
Kotak responded within an hour and set the record straight. “Mr. Shah, please correct your facts. Kotak did not manage Paytm. Kotak managed Zomato at issue price 76 (current market price 150), Nykaa at issue price 1125 (current market price 2100).
Mr Shah please correct your facts. Kotak did not manage Paytm. Kotak manages Zomato at issue price… https://t.co/w7VaUnNc7E
— Uday Box (@udaybox) 1637572833000
Paytm’s IPO was actually managed by Morgan Stanley, Goldman Sachs, JP Morgan Chase & Co, ICICI Securities and Axis Capital Holdings. All of them either declined to comment or did not respond to requests for comment on Monday’s Bloomberg report about Paytm’s IPO.
@udaykotak Kotak also leads Managed PolicyBazaar. decent pop there too
— sanjeev bikhchandani (@sbikh) 1637580065000
Paytm shares hit a low of Rs 1,271 on the Bombay Stock Exchange on Monday. This is more than 40% lower than the issue price of Rs 2,150 and more than 18% lower than the first day of trading on November 18.